影响 信达证券（601059）发布研报称，中烟香港(06055)作为中烟国际集团公司指定的从事国际业务拓展平 台及相关贸易业务的独家营运实体，肩负资本运作重责，未来有望加速优质标的收并购进程，长期成长 动能充沛。该行预计2025-2027年归母净利润分别为10.2、11.3、13.3亿港元，对应PE分别为31.1X、 27.9X、23.7X。 信达证券主要观点如下： 事件 公司发布公告，根据国家烟草专卖局发布的《境内免税市场烟草制品管理办法》（26年1月1日生效，设 置6个月过渡期，26年7月1日正式实施），中国烟草国际有限公司是唯一具备向中国境内免税市场出口 卷烟国营贸易资格的企业。 根据公司招股书，此前公司卷烟出口业务供应商主要为卷烟进出口&工业公司（通过获委托的进出口公 司从工业公司采购卷烟），公司出口卷烟至独家经营区域。新政落地后，交易对手方（工业公司）将与 中烟国际订立代理协议，中烟国际作为代理人按照之前的框架协议，和中烟香港&工业公司三方签署个 别协议，把卷烟出口至中国境内免税市场。 该行认为，公司卷烟出口（向境内关外）整体商业模式获有效优化、产业链流程进一步缩短。中烟香港 作为核心环节，相关业务 ...

影响 根据公司招股书，此前公司卷烟出口业务供应商主要为卷烟进出口&工业公司（通过获委托的进出口公 司从工业公司采购卷烟），公司出口卷烟至独家经营区域。新政落地后，交易对手方（工业公司）将与 中烟国际订立代理协议，中烟国际作为代理人按照之前的框架协议，和中烟香港&工业公司三方签署个 别协议，把卷烟出口至中国境内免税市场。 事件 公司发布公告，根据国家烟草专卖局发布的《境内免税市场烟草制品管理办法》（26年1月1日生效，设 置6个月过渡期，26年7月1日正式实施），中国烟草国际有限公司是唯一具备向中国境内免税市场出口 卷烟国营贸易资格的企业。 智通财经APP获悉，信达证券发布研报称，中烟香港(06055)作为中烟国际集团公司指定的从事国际业务 拓展平台及相关贸易业务的独家营运实体，肩负资本运作重责，未来有望加速优质标的收并购进程，长 期成长动能充沛。该行预计2025-2027年归母净利润分别为10.2、11.3、13.3亿港元，对应PE分别为 31.1X、27.9X、23.7X。 信达证券主要观点如下： 该行认为，公司卷烟出口（向境内关外）整体商业模式获有效优化、产业链流程进一步缩短。中烟香港 作为核心环节，相关 ...

Investment Rating - The investment rating for China Tobacco Hong Kong (6055.HK) is not explicitly stated in the provided documents, but the report suggests a positive outlook on the company's business model and profitability potential [1]. Core Insights - The report highlights that the optimization of the cigarette export business model is expected to enhance profitability, particularly after the new regulations from the National Tobacco Monopoly Administration take effect on July 1, 2026 [1][2]. - China Tobacco International Co., Ltd. is the only entity authorized to export cigarettes to the domestic duty-free market, which positions China Tobacco Hong Kong favorably within the industry [1]. - The report anticipates that the gross profit margin related to the export business will improve following the implementation of the new regulations [2]. Financial Projections - The projected total revenue for China Tobacco Hong Kong is expected to grow from 13,074 million HKD in 2024 to 18,310 million HKD by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [3]. - The net profit attributable to the parent company is forecasted to increase from 854 million HKD in 2024 to 1,328 million HKD in 2027, with a notable growth rate of 43% in 2025 [3]. - Earnings per share (EPS) are projected to rise from 1.23 HKD in 2024 to 1.92 HKD in 2027, indicating a positive trend in shareholder value [3]. Business Model Optimization - The new policy will streamline the supply chain by establishing agency agreements between industrial companies and China Tobacco International, enhancing operational efficiency [2]. - The report emphasizes that the operational model for selling cigarettes in overseas duty-free markets will remain unaffected by the new regulations [2]. Long-term Growth Potential - As the exclusive operational entity for international business expansion under China Tobacco International Group, China Tobacco Hong Kong is expected to accelerate its acquisition process of quality targets, indicating strong long-term growth momentum [2]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.015 billion HKD, 1.132 billion HKD, and 1.328 billion HKD, respectively, with corresponding price-to-earnings (P/E) ratios of 31.1X, 27.9X, and 23.7X [2].